The governor of the Reserve Bank of Australia, Mr Glenn Stevens, clearly indicated that it was unlikely that interest rates would increase again in 2011. Last Tuesday 5th of July, interest rates were kept on hold for the seventh consecutive month giving mortgage holders and home buyers some level of comfort.
The retail sector is definitely feeling the effects of a cautious consumer; this is compounded by the time of year being slower in the retail area. It appears that most people are more conscious of saving at present, which clearly demonstrates how the market is thinking.
Ironically demand for property in the south east is still at record levels. Especially in areas like Botany, Mascot, Rosebery, Pagewood, Maroubra, Matraville, Hillsdale, Malabar, Chifley, Little Bay and surrounding suburbs.
N G Farah auction clearance rates in 2011 clearly indicate that there is a strong demand for property in the south east. Units are still selling extremely well and in most cases are achieving in excess of their reserve prices.
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